TL;DR Breakdown
• The crypto Miami coin will be powered by the Stacks network protocol.
• Miami becomes the city that uses Bitcoin the most as a means of payment.
Miami changes its financial scheme, leaving many citizens surprised. The city adopts cryptocurrencies but, under its own rules, launched the Miami coin for the summer. The city and the entrepreneurs behind the project goal are to raise money for local plans.
It is unknown how the Miami token will work, but it has had a good reception since it was announced. According to local reports, it will be announced in the coming weeks how the token will be used.
CityCoin, a news website, suggests that the Miami coin is the first digital token to be used by the city of Miami. The website also indicates that the crypto will renew the city using a Stacks protocol. However, no further details were given about using this network system and when the crypto will be officially launched.
Why is crypto coming to Miami?
Cryptocurrencies like Bitcoin were created in 2008 as a decentralized financial system that promises to do away with fiat currencies. While crypto has gained popularity in the last two years, it has been offering its technology for more than a decade. Crypto has regulators and advocates like Francis Suarez, who is Miami’s mayor.
Long before he became mayor, Francis Suarez showed his support for the virtual market, and he still lives up to those ideals.
Miami’s mayor supports Miami coin
Support for the cryptocurrency market is also completed after the Bitcoin conference that brought much news. This conference was one of the most important for the crypto market and where Bitcoin received excellent support. Entrepreneurs like Jack Dorsey, Elon Musk, and even the mayor of Miami himself were part of this significant meeting for the crypto market.
Newsweek announces that Suarez is encouraged by the Miami coin project because it could change the city’s economy. Several companies accept BTC as a means of payment; it is even used in the real estate field.
Miami coin hopes to be powered by the Stacks network protocol to create smart contracts in Bitcoin. According to unofficial announcements, any citizen can mine the token bypassing their STX crypto through the new network protocol. Only 30 percent of the STX crypto will be sent to a wallet for the city, and the other percentage will be saved.
After the Miami announcement and its new crypto, the market had a slight rise. For now, BTC remains at $38,000, and with each passing minute, its value increases.
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